Whole Foods is tumbling after earnings miss

Whole Foods reported third-quarter results after the close on Wednesday, missing expectations on earnings.

Shares plunged more than 11% in after-hours trading.

The company posted record revenues of $US3.6 billion, in line with the consensus forecast according to Bloomberg. But diluted earnings per share of $US0.43 missed the forecast for $US0.44.

Comparable store sales — at locations open for at least one year grew 1.3%.

The company expects comparable store sales to be in the “low single digits” for the fiscal year, and sales growth of about 7%, with diluted EPS of between $US0.34 and $US0.35.

In the earnings statement, president Jeff Turnas said: “We are really excited about the progress we have made with securing real estate in markets where there is high demand for both quality food and value in a convenient format. We plan to open up to five 365 by Whole Foods Market stores in the second half of next year with the expectation of doubling the number of openings in 2017.”

The stock is down 19% year-to-date, and up 11% over the past year.

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